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I think I was one of the few who opened the BOC 3.55% Smart Saver Account on the month of its released and so far it has been very rewarding. Besides the $177.50 interest I get monthly, they have also rewarded me with a $100 limited edition cash card:
|BOC $100 cash card|
In addition to that, I realize that I don't need to spend on my BOC Shop credit card(it gives only 5.5% rebate) to get the 1.55% interest. I can instead use the free Great Wall International Debit Card to pay off my other credit cards and as long I pay more than $500 a month, I will be entitled to the 1.55%. This debit card gives a 0.1% rebate for any spending, which means I get an additional 0.1% rebate for paying off my other credit card loans. I use better credit cards like SCB Singpost 7%, DBS live fresh 6%(defunct this month onward) and Amex Imagine now for my daily spending.
I have been sticking to the same philosophy for spending since the beginning. Always maximize your spending rebates using the best credit cards and always pay up on payment date, never ever owe the credit card company. In regards to my new credit cards rebate routine I will talk more about it in my future post.
BOC's ibanking platform needs a bit of time to get use to, but once you get the hang of it, it will be pretty straightforward. After many months of using it I think this account is a great place to store my cash. It gives me $177.50 monthly which means I do not need to rush into an investment position. What I usually do now is, if my cash position exceeds $60k, I will invest the excess into FCL 3.65% or CMT 3.08% retail bonds. But if the market hits the fan like these past few months, I would tend to enter a bigger percentage into STI ETF. To each his/her own.